Published on 11/20/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $28.62 million trigger autocallable notes on Nasdaq, the Dow
By Marisa Wong
Los Angeles, Nov. 20 – Morgan Stanley Finance LLC priced $28.62 million of trigger autocallable contingent yield notes due Nov. 24, 2023 linked to the least performing of the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annualized rate of 7.05% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
Morgan Stanley & Co. LLC is the agent, and UBS Financial Services Inc. is the dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $28,624,700
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| Maturity: | Nov. 24, 2023
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| Coupon: | 7.05%, payable each quarter that both indexes close at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Payout at maturity: | Par plus any final coupon due unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 11,894.71 for Nasdaq, 29,438.42 for Dow
|
| Coupon barriers: | 8,326.30 for Nasdaq, 20,606.89 for Dow; 70% of initial levels
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| Downside thresholds: | 8,326.30 for Nasdaq, 20,606.89 for Dow; 70% of initial levels
|
| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
|
| Fees: | 2%
|
| Cusip: | 61771G566
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